Shares of airline companies, tour and travel related services providers tumbled on Monday morning trade amid escalating tensions in the Middle East. The stock of InterGlobe Aviation tanked 7.50 per cent, while SpiceJet declined by 7.27 per cent on the BSE.
Shares of Yatra Online tumbled 11.14 per cent, Easy Trip Planners slumped 9.39 per cent, TBO TEK dived 8.19 per cent and Thomas Cook dropped 5.40 per cent.
In the equity market, the 30-share BSE Sensex traded 1,027.60 points lower at 80,284.17. The 50-share NSE Nifty tumbled 305.95 points to 24,864.35. The conflict between Israel, the US, and Iran has resulted in multiple airspace closures in the Middle East, massively disrupting flight operations.
The Indian Association of Tour Operators (IATO) on Sunday reported a noticeable rise in booking cancellations and rescheduling requests, particularly for sectors connecting India with Europe via major Gulf hubs, due to airspace restrictions arising from the Middle East crisis.IATO President Ravi Gosain said that travel agents across the country are working closely with airlines and overseas partners to minimise inconvenience to passengers by facilitating re-bookings, refunds, and alternate routings.
